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Stock Market & Financial Investment News

News Breaks
June 10, 2014
06:04 EDTBEAVBE Aerospace announces plans to create two separate companies
B/E Aerospace announced that the company’s board has commenced a process to separate its industry-leading businesses into two independent, publicly traded companies — one focused on aircraft cabin interior equipment and the other focused on distribution, logistics and technical services for the aerospace and energy services markets. The company said that the board and management are continuing to review and aggressively pursue its strategic alternatives to enhance value to shareholders. On a pro-forma basis, Services Co. had revenues of approximately $1.6B and EBITDA of approximately $365M for the trailing 12 months ending March 31. Manufacturing Co. had revenues of approximately $2.5B and EBITDA of approximately $510M for the trailing 12 months ending March 31. The company expects that the separation of its businesses, if consummated, would take place in the first quarter of 2015. The company has retained Citigroup as its financial advisor and Shearman & Sterling LLP as its legal advisor in connection with this process.
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August 29, 2014
16:21 EDTBEAVBE Aerospace files registration statement for spin-off of consumables segment
B/E Aerospace announced a further step in its previously announced separation of its Consumables Management Segment, consisting of the company’s aerospace distribution and energy services businesses, through a distribution, or spin-off, to the company’s shareholders. The company’s subsidiary KLX, to which the separated businesses will be transferred prior to the distribution, filed today a registration statement on Form 10 with the SEC. The spin-off would take the form of a pro rata distribution of all shares of common stock of KLX to B/E shareholders. The company expects the receipt of shares of KLX common stock by B/E shareholders to be tax-free for U.S. federal income tax purposes, except for cash received in lieu of fractional shares. The spin-off is subject to the approval of the Board of Directors of B/E and the satisfaction of certain other conditions. B/E may, at any time until the spin-off, decide to abandon the spin-off or modify or change the terms of the spin-off. Holders of B/E common stock as of the record date for the spin-off will not be required to make any payment, surrender or exchange any shares of B/E common stock or take any other action to participate in the spin-off. Additional information concerning KLX and the proposed spin-off is contained in the registration statement on Form 10.
August 27, 2014
08:30 EDTBEAVMorgan Stanley believes aerospace cycle concerns are overblown
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